The Consultative Assembly of Saudi Arabia is requesting the Insurance Authority (IA) to study the possibility of amending the system for filing insurance claims for minor accidents, allowing drivers to submit them directly to insurers.
Price competition remained intense in the Saudi Arabian medical and motor insurance markets throughout 2024, says Fitch Ratings. However, the global credit rating agency expects The Company for Cooperative Insurance's (Tawuniya) underwriting discipline and scale benefits to help maintain the insurer's very strong financial performance over the medium term.
Riyadh-based Yasmina, the pioneering embedded insurance platform in Saudi Arabia, has successfully secured $2m in seed funding.
The Saudi insurance industry has reported growth in total premium income for the first quarter of the year, while the net income saw a notable setback, according to the Insurance Authority's latest quarterly report.
Marsh has appointed Mr Bassel Gazzaz as CEO of Marsh Arabia Insurance Brokers. In his new role, Mr Gazzaz will lead the strategic direction and operations of Marsh in Saudi Arabia, driving growth and enhancing client service.
The board of directors of Gulf General Cooperative Insurance Company (GGI) has recommended a reduction of the company's capital, as decided during their meeting held on 29 June 2025, according to a bourse filing on the Saudi Exchange (Tadawul) yesterday.
Saudi Reinsurance Company (Saudi Re) has signed a contract with The Company for Cooperative Insurance (Tawuniya), to reinsure the compulsory Inherent Defects Insurance (IDI) pool.
The Company for Cooperative Insurance (Tawuniya) has been designated to lead the pool for Inherent Defects Insurance (IDI) from 24 June 2025 for a three-year term, the Insurance Authority (IA) has announced.
Howden, a global insurance intermediary group, yesterday announced that it had received regulatory approval to launch a reinsurance operation in the Kingdom of Saudi Arabia (KSA)
Gulf General Cooperative Insurance Company has announced the appointment of Mr Mazen Hani Altamimi as its chairman and Mr Taher Mohammed Omar Agueel as vice chairman, according to a statement lodged by the insurer with the Saudi Exchange.